FASB Names Seidman; Reappoints Schieneman

Norwalk, Conn. (May 1, 2003) -- Former J.P. Morgan vice president Leslie Seidman was named to a three-year terms as a member of the Financial Accounting Standards Board, effective July 1. She will serve out the term vacated earlier this year by John Wulff, who resigned to return to the private sector.

FASB also re-appointed Gary S. Schieneman as a board member. His new term also will commence July 1.

Seidman, a CPA, is currently managing member of Leslie F. Seidman Consulting, a concern that provides consulting services to financial institutions and corporations. She spent nine years at J.P. Morgan as vice president of accounting policy.

Schieneman, who completed the term of outgoing member Anthony Cope, joined FASB in July 2001 from Merrill Lynch & Co. where he served as director, comparative global equity analysis.

Separately, FASB issued Statement No. 149, Amendment of Statement 133 on Derivative Instruments and Hedging Activities. The statement amends and clarifies accounting for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities under Statement 133.